Damac awards Drake & Scull Jeddah tower

06 July 2010

Damac is one of a few foreign developers building in Saudi Arabia

Dubai’s Damac Properties has awarded UAE-based Drake & Scull Construction the estimated SR450m ($120m) contract to build Al-Jawharah tower in Jeddah.

Al-Jawharah is a 42-storey residential tower, which is planned for a site on the Jeddah Corniche. The 87,000 square-metre project is expected to be finished in October 2012.

The 178-metre Al-Jawharah is being built on one of the kindgom’s most expensive pieces of real estate and has been designed for luxurious living. It will include the following:

  • 294 apartments
  • Gymnasium
  • Swimming pool
  • Health spa
  • Jogging track
  • Three storeys of parking
  • Retail space
  • Restaurants

Two local companies have also played a role in Al-Jawharah. Zuhair Fayez Partnership (ZFP) is the lead consultant and Kasktas Arabia is preparing the site.

It is rare to see a foreign developer in Saudi Arabia award a foreign contractor a high-profile project in a high-profile location, says a real estate analyst in the kingdom.

The contract for Al-Jawharah is the latest to be awarded by Damac this year.

Damac awarded two Abu Dhabi projects to UAE-based Al-Shafar General Contracting Company in June. The first was for the estimated $52m Marina Bay project on Al-Reem Island; the second award was for the estimated $130m Oceanside development, also on Al-Reem Island (MEED 3:6:10).  

The developer awarded the estimated AED500m ($136m) Damac Heights to the local Arabtec Construction in May (MEED 3:6:10).  

Damac has also partnered with Versace Home – the real estate arm of Italian fashion brand Versace – to build Damac Tower in downtown Beirut.

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